Insolvencies are on the upwards (From Wiltshire Business Online)

Insolvencies are on the upwards

5:00pm Friday 5th February 2010

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As widely predicted, the total number of personal insolvencies for the full year has exceeded 130,000 individuals. Commenting on the numbers, Baker Tilly Restructuring and Recovery Partner Andrew Sheridan said: “The figures show that 1 in every 320 adults in England and Wales entered a formal insolvency process (Bankruptcy, Individual Voluntary Arrangement or Debt Relief Order) in the calendar year 2009.

“The total number of personal insolvencies for the final quarter are broadly similar to quarter three of 2009. "Whilst the recent unemployment statistics have been more favourable, many families are finding it difficult to manage their finances with reduced hours of work. "Our major concern is for 2010 as the predicted increase in interest rates and reductions in public sector spending may result in even more individuals entering insolvency.”

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